We’ve all heard of this English proverb over and over again: Necessity is the mother of all inventions. The steam engine was created because grazing grounds for carriage-pulling horses in metropolis England were in short supply. The invention of the cotton gin that allowed for mechanical processing of cotton from US south, replaced the obsolete laborious process of hand-cleaning which was impeding with the onset of industrial revolution. The Manhattan Project, the erstwhile ARPANET (internet), Telecommunications, the overarching society in itself, and even belief-systems such as religion, it can be argued, were all borne out of the necessities of those times…
On a rudimentary note, it denotes the urgency of the hour that coerced the people of that time to develop solutions, especially when the need for them became paramount. Necessity, arguably, forces people into action. In the journey that led to the creation of Griffex ecosystem, pin-pointing the shortcomings of crypto-exchanges, where they lacked the most and what did the retail trader most definitely needed for exacting a considerable rate-of-return on investment, all these served as worthy points-of-origin. With the proliferation of commercial blockchain technology along with the emergence of hundreds of crypto-exchanges within a matter of years, it didn’t really took much detection and mere observation was enough for acknowledging the multifarious exigencies. All that it needed was some action…
The Griffex ecosystems’ powerful innovations such as the supercharged Indexes, Crypto-Dust conversion, thriving community-initiatives and the concept of Supernodes, in-entirety, is a dire necessity of the age, a prerequisite for showing the world that cryptocurrencies pack a quite a bountiful. To feed that desire of ours at solving this problem, we devised this exchange!
The following sections provide a perspective understanding of the crypto-exchange problems from the POV of retail-day-traders. The respective solutions facilitated by Griffex ecosystem are presented against the corresponding problems.
Lack of Trading Choices
Problem: The contemporary crypto-exchanges are operating on a ‘minimalist’ consumer-centric philosophy with respect to traders, offering little freedom in terms of diversifying the respective investment strategies. From a trader’s perspective, deploying trading strategies that have very little diversity and inch towards uniformity are likely to drastically reduce the rate-of-return. What’s worse, it makes the herculean task of floating in sluggish market conditions much, much worse!
Furthermore, the genuine dearth of both trading instruments and operational power when it comes to rapid market fluctuations is leaving the retail traders, how do we say, hopelessly stranded. This is in combination to the underplay of vested interests when it comes to providing cutting-edge financial instruments. More importantly, there is simply no provision for trading currencies via Exchange traded trackers and investment bundles.
Traders without the means to split their investments, without any options of diversifying, not only does that deter further investing, but a major side-effect of this is the ensuing disenchantment that discourages new entrants from the crypto-trading spheres.
Solution: A crypto exchange integrating the best features from each spheres, i.e. traditional investing and crypto-trading. An ecosystem that combines diversified trading and investment instruments with an institutional-grade exchange platform.
The intuitive Index tracking feature from Griffex allows for benchmarking alongwith investing strategies such as swinging or scalping by mimicking the indexes. An added advantage is the opportunity to convert crypto dust residue from the wallet into tradeable currency, i.e. GFX Tokens that are tradable on the Griffex exchange.
So, let me ask you this real quick.
What is the first step towards addressing any problem?
Acknowledging it. Accepting that the problem exists!
Denial is a big No!
And that if left unchecked, the problem has the potential to overwhelm and outshine the possibilities of righteousness.
Problem: Acknowledging the mainstream notion of mischievous entities swarming the contemporary crypto-economy, usually of a deceitful nature and resulting in monetary losses precedes any-and-every form of corrective measure. The existence of crypto exchanges supporting hundreds of tradable yet worthless coins, all against the backdrop of a growing number of alt-coins and recently-issued tokens has also been of disastrous consequences. It is not an unknown fact that several traders have lost their precious assets in the pump and dump scams. A tarnished public image, that’s painted crypto’s with social malaise to such an extent that demonizing crypto-currencies has become the social norm today; The Griffex endeavour strategically aligns itself for altering this exact behaviour! The situation demands strict control in terms of asset trading. Rigid measures for preventing the entry of second-class tokens in the ecosystem.
Solution: Supernodes are basically crypto institutes of eminence having the jurisdictional authority of relegating a crypto asset. This eliminates the possibility of any eventual listing of worthless tokens on the exchange-platform, thereby ensuring the availability of highest quality assets for trading. Incorporating ancillary quality control measures in combination with supernode listings, and we have a top-notch crypto-exchange. Enough said!
Complex Structure of Exchanges
Problem: Multiple regulatory frameworks, issues with withdrawals, liquidity, best pricing and transactions, architectural imbalances in industry, numerous wallets, a combination of different KYC policies, burdensome user-interfaces, and lastly a hapless customer support system; These are just some of the complexities in the everyday life of traders within the larger realm of crypto-economy.
In addition to this, traders are obligated to convert fiat to BTC or ETH and then proceed with an exchange which may or may not accept fiat. This added layer of transactions beefs up the ‘formal’ fees paid by traders, and it just doesn’t end here, as another transaction is required for conversion back to fiat.
Solution: Griffex exchange utilizes the advantages from traditional trading systems, in combination with substantial technology related innovations lent by crypto trading environment. The collaboration with major trading platforms and financial institutions will pave way for diversified market for cryptocurrencies. This would not only disrupt the ecosystem of exchanges but also facilitate a new approach for crypto trading and investment.
Problem: The high cost of executing either a trade or a transaction over an exchange, attributed primarily to the technological constraints or any aforementioned exchange regulations has been a borne of contention ever since crypto-trading became the vogue. According to a report by Masters 2017, it’s possible for a typical exchange to easily maintain its operations with a commission ranging from 0.1% to 0.25% per transaction. One of the biggest reason for the over-shot trading fees is the lucrative nature of the business, featuring high-profits raked-in from each of the transactions.
Imagine the predicament of those that indulge in tens of trades every week, the gross amount they’re obliged to surrender as fee, and the diminished rate of returns on their investments.
Solution: The trans-mining feature in griffex exchange gives traders the freedom to complete transactions, effectively Free-Of-Cost. And the buck doesn’t stop there. A trader is also eligible for availing additional discounts if the due transaction fees is rendered in the form of GFX tokens. The standard transaction fee at Griffex exchange is in the range of 0.10 to 0.25. Doesn’t get any better than this…
Problem: When the famous gangster Sutton was questioned on why he robbed banks, he answered: “because that’s where the money is”. With trading avenues an easy target for theft, investors require assurance over potential threats, especially those seeking third-party ventures for buying and selling cryptocurrencies.
A staggering total of $670 million was siphoned-away from crypto-exchanges by hackers and scammers, all within the first fiscal quarter of 2018 itself! The infamous Mt. Gox hack resulting in a loss of 650K Bitcoin and the mind-boggling hack of Bitfinex back in 2016 along with many other incidents of smaller heists but no less damaging have to tarnished the reputation of crypto-exchanges within the global financial spheres.
Most of the cryptocurrency exchanges fail to guarantee adoption of full-reserve banking. If investors continue to face these issues, it is likely that cryptocurrency trading market is set for a major setback.
Solution: The Griffex platform has an in-house multi-currency wallet that’s built into the system, for supporting transactions within the Griffex ecosystem. The GFX token, a utility token will be used for transacting within the exchange. The platform advocates third-party testing and invites individual white-hat hackers for testing the viability of the platform. This ensures a fool-proof ecosystem which facilitates crypto trading in the most secure manner.
Problem: Crypto exchanges are quite infamous for their substandard customer support systems. Even the more popular ones that have been around for a good deal of time are still engrossed with developing and perfecting the respective mechanisms of dealing with consumers. A few of the pain-points that keep resurfacing via surveys and feedback – lack of educational resources, instruments of investment, round-the-clock assistance, loosely curated FAQs and user-guides.
Solution: The user can be at complete ease when trading on the Griffex platform. The platform is replete with learning resources, valuable financial literacy and lastly, dedicated 24/7 customer support dedicated towards resolving the consumers each-and-every predicament.
In the words of perhaps the highest minds of antiquity, the author of The Republic founded the Greek Lyceum and under whose aegis the tutor of Alexander the Great acquired his wisdom – “A need or a problem encourages creative efforts for meeting the need or solving a particular problem.” (Plato)
Necessity instills passion for achieving one’s goals. And any work that is done passionately is bound to have positive outcome. Griffex exchange was born out of that passion, that commitment to introduce resounding changes in the society.
Whether that happens or not, only time will tell. But at least we have not surrendered ourselves to the whims of the contemporary, corrupted and archaic economic system…
Company Name: Griffex, Ltd.
Country: United Kingdom